Our Learnings: Small Business Support
There’s a lot you don’t know when you start a business, including what supports are available and what you might need. Here are some of our key learnings since we started business planning in 2015, and some great resources you can access for free.
Things we knew:
That running an SME (Small & Medium Enterprise) would be tough, especially with the lack of certainty of income
That Jamie was a great Insurance Broker, who genuinely cared about helping people and disliked working for a ‘sausage factory’ style business who cared more about meeting KPIs and making money, than about really providing quality service to clients - a big part of our WHY for starting the business
That there would be compliance, financial management and tax requirements; and we’d have to learn systems we weren’t familiar with to make things work
That we would work incredibly hard to make our business successful, whilst having an exit plan in case it wasn’t.
Things we didn’t know:
Exactly how tough and emotionally draining running an SME would be at times
How scary it would be early on when things would fluctuate between Jamie being run off his feet to having no new business for the forseeable future
Exactly how much ‘behind the scenes’ work would be required to keep on top of everything necessary to run a business - especially as we continued to grow.
How quickly not being an expert in taxation or knowing what exactly changes in legislation will mean for us, or parking the business management activities to focus on ‘actual work’ can leave you feeling overwhelmed and out of your depth.
Three Learnings:
Having good professional services can make the world of difference. For example, we have an accounting team who we feel we can approach with any questions, no matter how dumb we feel! Over the years we have considered and used different IT solutions and we’re currently looking into the next level of support. We know our limits and IT is definitely not high on our lists of strengths. We know that we can be a great support for other small businesses by providing the insurance expertise they don’t have.
There are actually a lot of services and programs out there to help SMEs. Of course, there could always be more help, and we would LOVE to see government reform in a number of areas to make it easier for SMEs to prosper. But many of the business owners we talk to don’t know about the various avenues of support that they can access for free. That’s why we’re sharing the list below - feel free to contact us if you come across great resources that we can add to the list.
Finding the right way to support ourselves as individuals, and each other as partners, is key. We both have different preferences for how we communicate, work, rest and recover. Just like when you start a new relationship, it has been a learning journey for us to figure out how our relationship has needed to adjust to also being colleagues and business partners. Without good communication, teamwork, empathy and forgiveness (because we’re not perfect!), neither our business or our relationship would have survived!
Free Business Support Services
ACT - Canberra Business Advice & Support Service: https://www.act.gov.au/business/get-help-and-advice/canberra-business-advice-and-support-service-cbass
NSW - NSW Business Support: https://www.service.nsw.gov.au/business/business-support
NT - Territory Business Centres & Support Services: https://nt.gov.au/industry/business-support/business-support-services
QLD - Business Qld Grants & Business Support Services: https://www.business.qld.gov.au/running-business/support-services
SA - Small & Family Business Support Services: https://business.sa.gov.au/services/business-support-services
TAS - Tasmanian Business Advice Service: https://www.businessadvice.tas.gov.au/
VIC - Victorian Small Business Commission: https://www.vsbc.vic.gov.au/small-business-support/how-we-support-small-business/
WA - Small Business Services: https://www.wa.gov.au/service/business-support/small-business-services
National
Support programs, grants finder and events: https://www.business.gov.au
National Small Business Support Line: 13 28 46 (First point of contact for business owners wanting to improve their business sustainability and management)
ACCC Small Business Education Program: https://www.accc.gov.au/business/selling-products-and-services/small-business-education-program
DEWR Self-Employment Assistance: https://www.dewr.gov.au/self-employment-assistance
BeyondBlue New Access for Small Businesses: https://www.beyondblue.org.au/get-support/newaccess-mental-health-coaching/small-business-owners
Small Business Debt Helpline: 1800 413 828 https://sbdh.org.au/get-help/